The hotel chain chooses to close in Söderhamn during the summer to secure jobs in the future. About ten employees in Söderhamn will be laid off, in connection with the hotel being closed.

- According to Swedish rules, there is no other option than to dismiss staff.

First Hotels expects a dramatic fall for the company's earnings.

- We will manage but it will be a tough year, says Johan Appelgren.

Hear Sweden's Chief Johan Johan Appelgren about the situation in the video above.